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The director of Treasury’s Markets Group, Jim Murphy, admitted during a recent Senate inquiry that his group had breached the best practice guidelines by not preparing a regulation impact statement for the current version of Future of Financial Advice ­legislation.

When pushed, Mr Murphy admitted to five breaches of the government’s best practice regulatory guidelines over the previous five months. He also conceded that his group had been responsible for more than a quarter of all the government’s breaches of the guidelines.

“We would have been found in breach more so than any other area of government," Mr Murphy told the hearing in October.

Shadow assistant treasurer
Mathias Cormann
accused the government of being the “world champions in red tape".